Mulhern says investors should take a more conservative approach to allocating risk given that many asset prices have been ‘bid up’ because the easy money policies the banks have been running.
He adds that multi-asset, absolute return strategies are the best in the current environment.
Mulhern is also concerned about the flood of money into EFTs, which he sees as synonomous with a speculative phase of the investment cycle, and fears that ultimately it is a miss allocation of capital long term.
